Job losses and customer dissatisfaction if ANZ buys NBNZ, says union
"Job losses and more customer dissatisfaction would almost certainly follow a take-over of the National Bank by the ANZ," said Andrew Casidy, General Secretary of the bank workers' union, Finsec.
"The Commerce Commission is not set up to put up barriers to such a merger on social grounds. We believe it is up to the government to ensure that the downstream effects of a takeover like this don't hurt staff and customers.
"Finance workers are currently being surveyed on work/life balance issues. Our members are returning a strong message that the industry is understaffed, undertrained and stressful.
"Our experience does not suggest that the new bank would put staff and customers before short-term profit gains.
"Each major merger in the past - NAB/BNZ, ANZ and Post Bank, Westpac and Trust Bank - has resulted in hundreds of jobs lost.
"A further reduction in the number of big banks would have negative effects on staff and an obvious flow-on effect for customers.
"We already know that over 30% of most
banks' customer's are dissatisfied with the service they are
getting. This number will only grow unless government
intervenes to regulate the behaviour of big banks," Andrew